Chelsea has announced a net loss of £121 million in 2021/2022, saying government sanctions imposed on former owner, Roman Abramovich, were a factor in the club posting losses, SkySports reports on Monday.
Following the invasion of Ukraine, the United Kingdom government sanctioned Abramovich in March 2022 in order to freeze the assets of individuals suspected of having ties to the country’s president, Vladimir Putin.
Chelsea was placed under a special licence, which restricted their ability to sell tickets, accept event bookings, and even sign player contracts.
The restrictions remained in place until May 30, 2022 , when the club was taken over by a new consortium led by American businessman Todd Boehly.
The Blues released their annual report on Monday, stating that the sanctions would be felt “in the coming years.”